Wearable Medical Devices Market Report
The report on the Global Wearable Medical Devices Market is segmented by Device Type (Diagnostic Devices, Therapeutic Devices), Product (Activity Monitors, Smart Watches, Smart Clothing, Patches), Application (Sports and Fitness, Remote Patient Monitoring, Home Healthcare), Distribution Channel (Pharmacies, Online Channel, Hypermarkets) and Region. This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global Wearable Medical Devices market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
The report on the Global Wearable Medical Devices Market is segmented by Device Type (Diagnostic Devices, Therapeutic Devices), Product (Activity Monitors, Smart Watches, Smart Clothing, Patches), Application (Sports and Fitness, Remote Patient Monitoring, Home Healthcare), Distribution Channel...
Impact of COVID-19 on Wearable Medical Devices Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Global Wearable Medical Devices Market is expected to grow from USD 17.4 billion in 2020 to USD 60.5 billion by 2026 at a CAGR of over 23.7% during the forecast period.
Figure: Global Wearable Medical Devices Market Size, 2020-2026 (USD Billion)
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Wearable medical devices are defined as the electronic devices that can be worn by the consumers which includes activity monitors, smart watches, smart clothing and patches. These devices are used to collect data of the people’s exercise and monitor personal health. It has been widely used by the consumers for fitness purpose.
Key players operating in the global Wearable Medical Devices Market are-
The growth of the global wearable medical devices market is primarily driven by increasing demand for remote patient monitoring devices and home healthcare.
Based on application, the market has been segmented into sports and fitness, remote patient monitoring, and home healthcare.
Geographically, the market in North America accounted for the largest market share in 2020 owing to expanding geriatric population and increasing number of people having non-communicable disease due to changing lifestyle.
Covid-19 outbreak impacted the growth of the wearable medical devices market positively. The demand for home healthcare devices increased significantly to monitor individual health at home as only essential services were allowed amid the covid-19 outbreak. The number of hospital visits except for coronavirus infection declined due to fear of the virus infection.
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Here is the list of the group of customers that the Global Wearable devices market hopes to have the greatest opportunity to convert-
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The wearable medical devices market is expected to witness an impressive growth of 23.7% CAGR in the foreseeable future.
Koninklijke Philips N.V. (Netherlands), Zephyr Technology Corporation (The U.S), Omron Corporation (Japan), Sotera Wireless, Inc. (The U.S), Everist Health (The U.S), LifeWatch AG (Switzerland), Withings (France), Polar Electro Oy (Finland), Intelesens Ltd (UK), Fitbit, Inc. (The U.S), Vital Connect, Inc. (The U.S) and Garmin Ltd. (The U.S) are among the key players in the wearable medical devices market.
The wearable medical devices market size is expected to reach USD 60.5 billion in the coming years.
North America accounted for the largest share of wearable medical devices market in 2020.
Asia-pacific is expected to register the fastest growth in the wearable medical devices market in the coming years.
Increasing demand for remote patient monitoring devices and home healthcare, increasing fitness consciousness among the consumers particularly the young generation, rising prevalence of chronic lifestyle diseases due to stress and unhealthy eating habits are the factors driving the growth of wearable medical devices market.
Wearable medical devices manufacturers, Wearable medical devices suppliers, Wearable medical devices distributors, Organizations, Government bodies are the target audience in the wearable medical devices market.